2 Cannabis Stocks To Watch That May Pick Up More Market Momentum
Currently, in the cannabis industry, many people are searching for the best marijuana stocks to buy. Why you ask? Well, now that Joe Biden and Kamala Harris have taken office many analysts believe federal cannabis reform may happen in 2021. Recently the first piece of cannabis legislation has made its way to the White House. U.S.represenitive Greg Steube is the gentleman responsible for the new cannabis bill. This new bill would simply remove cannabis from Schedule I to Schedule III of the Controlled Substances Act.
If the U.S. does see federal cannabis reform investors feel it may cause cannabis stocks to rally. Not only that in 2021 more states are preparing to go legal. If this can happen as well it will open up more opportunities to those who are looking to become involved in the industry. With this new opportunity, investors whether new or seasoned must first do their homework on which part of the industry you want to invest in.
For example when looking for pot stocks to watch there are several niches. Now there are pure-play companies that are more hands-on with the cannabis plant. Next, you have ancillary marijuana stocks that provide different services or products that are not directly involved with the cannabis plant.
These services can range from packaging solutions to growing equipment for cultivation set up. Whatever your choice may be always do your due diligence to get a better understanding of what you’re about to invest in. Below are 2 marijuana stocks to watch in 2021 that may see more gains with proper cannabis legislation.
Pot Stocks To Watch In 2021
Aphria Inc. is one of Canada’s premier cannabis stocks to watch. Founded back in 2013 the company has been working to make an impact in the cannabis industry. Aphria works by providing cost-effective greenhouse solutions to growing quality cannabis. Currently, the company has operations spread out between Canada, Europe, Latin America, and the United States. In recent news, the company has announced that it had record second-quarter fiscal 2021 results.
Some of the highlights consist of ending the second quarter with a strong balance sheet and liquidity. This including $320.0 million of proforma cash1 to fund planned Canadian and international growth. Aphria also recorded its seventh consecutive quarter with positive adjusted EBITDA1. As well as a positive adjusted EBITDA from cannabis business1. These positive results have created some good positive sentiment for the company especially with its huge partnership with Tilray Inc. It shows that the company still has solid growth potential for the short and long term.
Throughout the last, few months or so APHA stock has been able to produce gains in the market as well. At end of October is when APHA stock began to substantially climb in the market. October 30th to November 30th APHA had 86% gains during that time. So far for 2021 APHA has continued to climb in the market and is currently up 76%. This growth potential shows investors why Aphria has the makings to be a cannabis stock to watch in 2021.
Trulieve Cannabis Corp.
Trulieve Cannabis Corp. is well known for not only being a top cannabis stock to watch but a leading cannabis company in the industry. If you live in the state of Florida the odds you have passed a Trulieve dispensary in your daily travels is quite high. For those who don’t know Trulieve was the first seed to sale cannabis company to open in the state of Florida. Currently, the company has operations spread across the United States. The company grows and produces all of its products in-house. Once all products are bagged and tagged they are then distributed and sold throughout all Trulieve dispensaries.
The company has shown solid productivity in the midst of the pandemic. During this time the company has been able to open new stores and continue to expand its operations. So far in 2021, the company has opened 2 new stores in the state of Florida. One location in Gainesville and the other in Summerfield. Furthermore, Trulieve has a total of 77 stores across the U.S. of which 72 of them are located in Florida.
The company has been one of the many marijuana stocks that have broken many barriers over the last year. So far TCNNF stock has been able to continue its climb it started back in mid-2020. Starting from September 23rd to November 20th TCNNF stock has reached gains of 43%. The gains have not stopped there. From the end of November to the end of December TCNNF was able to push up in the market with a subtle 6% increase in trading.
Final Thoughts On Trulieve Cannabis Corp.
So far for the month of January TCNNF hit new all-time highs with a share price of $45.70. What this shows is investors have a big interest in the company. When cannabis stocks show solid movement in the market it creates more attention. This attention can lead to more people finding a reason to label Trulieve a cannabis stock to buy. However like mentioned above you must always invest with caution and do your homework before deciding on which marijuana stocks to watch.
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